UBS is divesting part of the Credit Suisse business it acquired last year by selling the fallen bank’s 50% stake in the credit card provider Swisscard. The deal involves UBS selling its 50% ownership in Swisscard to American Express, which is the joint venture partner.
The terms of the agreement were not disclosed. Once the deal is complete, American Express will become the sole owner of Swisscard, with Credit Suisse’s credit card customers being transferred to UBS’s existing credit card platform.
Swisscard stated that it would continue to issue other credit cards under the American Express, Mastercard, and Visa licenses and maintain operations for the American Express business in Switzerland. The company added that there would be no immediate impact on existing cardholders, merchants, or partners.
UBS, following its emergency takeover of Credit Suisse last year, has been selling off various parts of the acquired business. In June, it sold a stake in Credit Suisse Securities (China), and in July, it agreed to sell the bank’s former insurance-linked investment arm to the management team.
On Monday, UBS reaffirmed its commitment to the credit card business but noted that issuing credit cards in Switzerland through Swisscard did not “align with the existing operational setup and strategic priorities of UBS as legal successor to Credit Suisse.”
The bank assured that no action is required from cardholders, and customers with Credit Suisse-branded credit cards will receive information about new card issuances in the first half of 2025.